A new report by global campaigning organisation Eko claims French insurance giant Axa has divested fully from several Israeli banks found to be engaged in settlement activities in occupied Palestine.
The report, which follows a long-standing campaign supported by the Boycott, Divestment and Sanctions (BDS) movement, stated that Axa had sold its remaining investments in all Israeli banks that finance illegal settlements in occupied Palestinian territory.
Eko, which comprises 22 million members globally, reported that as of last year, Axa still held more than 2.5 million shares worth more than $20m (€17.9m) in three Israeli banks – Bank Hapoalim, Israel Discount Bank, and Bank Leumi.
However, By June 2024, the report said Axa had divested from all three banks amid “escalating pressure” from campaigners.
The three Israeli banks are listed on a UN database of businesses engaged “in certain Israeli settlement activity in the occupied Palestinian territory”.
These activities include providing services and utilities to settlements, banking and financial operations helping to develop these activities, and the use of natural resources for business purposes.
The BDS and Eko campaign against Axa saw several demonstrations organised against the insurance giant, including in Ireland. In April, a “National Day of Action” was held by the Ireland Palestine Solidarity Campaign (IPSC), with protests against Axa taking place across 13 counties.
However, speaking to the Irish Examiner at the time, a spokesperson for Axa said the company had “no investments in any of the banks cited in recent calls for boycott.”
At the Axa Group AGM in April this year, CEO Thomas Burberl stated that Axa does “not have any investment in Israeli banks” targeted by boycott calls.
Addressing this, a spokesperson for Eko said Axa had “essentially finished divesting from all banks by March 31 2024, except for a few shares in Bank Hapoalim and Bank Leumi which was attributed to reporting and internal accounting delays.”
“This confirms the statement Axa’s CEO made at the AGM on April 23, after being questioned by an Eko member and Axa-shareholder, that Axa had ‘zero investments’ in Israeli banks,” the spokesperson added.
Speaking to the Irish Examiner on Wednesday, a spokesperson for Axa reiterated that the company has no investments in any of the banks cited in recent boycott calls, adding: “The AXA Group is committed to conducting business to the highest ethical standards.
“AXA’s investments comply with applicable laws and regulations and respect internationally recognized human rights principles. AXA aims to avoid any negative impact on human rights that could be associated with its investment activities.”
Speaking on the Eko report, The Irish Palestine Solidarity Campaign said: “This divestment marks a hugely significant victory. In Ireland, a campaign spearheaded by the IPSC saw many months of sustained protests outside AXA branches.
“This included an occupation last December, and weekly Friday protest outside the company’s HQ in Dublin for 21 weeks straight, as well as the handing in of a petition with more than 175,000 signatures. We’ve shown yet again that BDS pressure can win real victories.”